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The World’s Largest Nickel Mining Companies

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top nickel mining companies

The World’s Top 10 Nickel Mining Companies

As the world transitions towards electric vehicles and cleaner energy sources, nickel has emerged as an essential metal for this green revolution.

Needed for the manufacturing of electric vehicles, wind turbines, and nuclear power plants, nickel is also primarily used to make stainless steel alloys more resistant to corrosion and extreme temperatures.

Using data from Mining Intelligence, this graphic shows the top 10 companies by nickel production along with their market cap.

The Biggest Nickel Miners by Production in 2020

Nickel has long been an important mineral for batteries, plating, and steelmaking, but it was only recently added to the USGS’s proposed critical minerals list.

As countries and industries realize the importance of nickel for the development of sustainable technologies, nickel mining companies will be at the forefront of supplying the world with the nickel it needs.

The 850 kt of nickel mined by the top 10 nickel mining companies is worth around $17.3B, with both production and price expected to grow alongside nickel demand.

CompanyMarket CapProduction
Nornickel$48B236.0 kt
Vale$59B214.7 kt
Glencore$64B110.2 kt
BHP$134B80.0 kt
Anglo American$50B44.0 kt
South32$12B41.0 kt
Eramet$2B36.0 kt
IGO$5B30.0 kt
Terrafamen/a29.0 kt
MCC$5B29.0 kt

Source: Miningintelligence.com, Yahoo Finance

Nickel and palladium miner and smelter Nornickel leads the list with 236 kt of nickel produced in 2020, the majority coming from its Norilsk division of flagship assets in Russia.

With 46% of Nornickel’s energy mix sourced from renewable power, the company is pushing the development of carbon neutral nickel, starting with reducing carbon dioxide emissions by 60,000-70,000 tons in 2022.

Vale follows closely behind in production and in its carbon footprint goals. The Brazil-based company’s Long Harbour processing plant in Newfoundland and Labrador produces nickel with a carbon footprint about a third of the industry average–4.4 tonnes of CO2 equivalent per tonne of nickel compared to Nickel Institute’s average of 13 tonnes of CO2 equivalent.

With the top two companies producing more than half of the nickel produced by the top 10 miners, their efforts in decarbonization will pave the way for the nickel mining industry.

The Need for Nickel in the Energy Transition

Alongside the decarbonization of the nickel mining process, nickel itself powers many of the technologies crucial to the energy transition. Vehicle electrification is highly dependent on nickel, with a single electric car requiring more than 87 pounds of nickel, making up almost 1/5th of all the metals required.

With a history of being used in nickel cadmium and nickel metal hydride batteries, nickel is now being increasingly used in lithium-ion batteries for its greater energy density and lower cost compared to cobalt. Alongside the increase in usage, not all nickel is suitable for lithium-ion battery production, as batteries require the rarer form of the metal’s deposits known as nickel sulphides.

The more common form of the metal, nickel laterites, are still useful in forming the alloys that make up the frames and various gears of wind turbines.

Nickel is also essential to nuclear power plants, making up nearly a quarter of the metals needed per megawatt generated.

The Future of Nickel Mining and Processing

With nickel in such high demand for batteries and cleaner energy infrastructure, it’s no wonder that global nickel demand is expected to outweigh supply by 2024. The scarcity of high grade nickel sulphide deposits and the carbon intensity to mine them has also incentivized the exploration of new methods of harvesting the metal.

Agro-mining uses plants known as hyperaccumulators to absorb metals found in the soil through their roots, resulting in their leaves containing up to 4% nickel in dry weight. These plants are then harvested and incinerated, with their ash processed to recover the nickel “bio-ore”.

Along with providing us with metals like nickel, lead, and cobalt through a less energy intensive process, agro-mining also helps decontaminate polluted soil.

While new processes like agro-mining won’t replace traditional mining, they’ll be a helpful step forward in closing the future nickel supply gap while helping reduce the carbon footprint of the nickel processing industry.

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Electrification

Charted: 4 Reasons Why Lithium Could Be the Next Gold Rush

Visual Capitalist has partnered with EnergyX to show why drops in prices and growing demand may make now the right time to invest in lithium.

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The teaser image shows a bubble chart showing that the price of a Tesla is similar to that of other major auto manufacturers.

4 Reasons Why You Should Invest in Lithium

Lithium’s importance in powering EVs makes it a linchpin of the clean energy transition and one of the world’s most precious minerals.

In this graphic, Visual Capitalist partnered with EnergyX to explore why now may be the time to invest in lithium.

1. Lithium Prices Have Dropped

One of the most critical aspects of evaluating an investment is ensuring that the asset’s value is higher than its price would indicate. Lithium is integral to powering EVs, and, prices have fallen fast over the last year:

DateLiOH·H₂O*Li₂CO₃**
Feb 2023$76$71
March 2023$71$61
Apr 2023$43$33
May 2023$43$33
June 2023$47$45
July 2023$44$40
Aug 2023$35$35
Sept 2023$28$27
Oct 2023$24$23
Nov 2023$21$21
Dec 2023$17$16
Jan 2024$14$15
Feb 2024$13$14

Note: Monthly spot prices were taken as close to the 14th of each month as possible.
*Lithium hydroxide monohydrate (MB-LI-0033)
**Lithium carbonate (MB-LI-0029)

2. Lithium-Ion Battery Prices Are Also Falling

The drop in lithium prices is just one reason to invest in the metal. Increasing economies of scale, coupled with low commodity prices, have caused the cost of lithium-ion batteries to drop significantly as well.

In fact, BNEF reports that between 2013 and 2023, the price of a Li-ion battery dropped by 82%.

YearPrice per KWh
2023$139
2022$161
2021$150
2020$160
2019$183
2018$211
2017$258
2016$345
2015$448
2014$692
2013$780

3. EV Adoption is Sustainable

One of the best reasons to invest in lithium is that EVs, one of the main drivers behind the demand for lithium, have reached a price point similar to that of traditional vehicle.

According to the Kelly Blue Book, Tesla’s average transaction price dropped by 25% between 2022 and 2023, bringing it in line with many other major manufacturers and showing that EVs are a realistic transport option from a consumer price perspective.

ManufacturerSeptember 2022September 2023
BMW$69,000$72,000
Ford$54,000$56,000
Volkswagon$54,000$56,000
General Motors$52,000$53,000
Tesla$68,000$51,000

4. Electricity Demand in Transport is Growing

As EVs become an accessible transport option, there’s an investment opportunity in lithium. But possibly the best reason to invest in lithium is that the IEA reports global demand for the electricity in transport could grow dramatically by 2030:

Transport Type202220252030
Buses 🚌23,000 GWh50,000 GWh130,000 GWh
Cars 🚙65,000 GWh200,000 GWh570,000 GWh
Trucks 🛻4,000 GWh15,000 GWh94,000 GWh
Vans 🚐6,000 GWh16,000 GWh72,000 GWh

The Lithium Investment Opportunity

Lithium presents a potentially classic investment opportunity. Lithium and battery prices have dropped significantly, and recently, EVs have reached a price point similar to other vehicles. By 2030, the demand for clean energy, especially in transport, will grow dramatically.

With prices dropping and demand skyrocketing, now is the time to invest in lithium.

EnergyX is poised to exploit lithium demand with cutting-edge lithium extraction technology capable of extracting 300% more lithium than current processes.

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Electrification

Ranked: The Top 10 EV Battery Manufacturers in 2023

Asia dominates this ranking of the world’s largest EV battery manufacturers in 2023.

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A treemap showing the top 10 EV battery manufacturers in 2023

The Top 10 EV Battery Manufacturers in 2023

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Despite efforts from the U.S. and EU to secure local domestic supply, all major EV battery manufacturers remain based in Asia.

In this graphic we rank the top 10 EV battery manufacturers by total battery deployment (measured in megawatt-hours) in 2023. The data is from EV Volumes.

Chinese Dominance

Contemporary Amperex Technology Co. Limited (CATL) has swiftly risen in less than a decade to claim the title of the largest global battery group.

The Chinese company now has a 34% share of the market and supplies batteries to a range of made-in-China vehicles, including the Tesla Model Y, SAIC’s MG4/Mulan, and Li Auto models.

CompanyCountry2023 Production
(megawatt-hour)
Share of Total
Production
CATL🇨🇳China242,70034%
BYD🇨🇳China115,91716%
LG Energy Solution🇰🇷Korea108,48715%
Panasonic🇯🇵Japan56,5608%
SK On🇰🇷Korea40,7116%
Samsung SDI🇰🇷Korea35,7035%
CALB🇨🇳China23,4933%
Farasis Energy🇨🇳China16,5272%
Envision AESC🇨🇳China8,3421%
Sunwoda🇨🇳China6,9791%
Other-56,0408%

In 2023, BYD surpassed LG Energy Solution to claim second place. This was driven by demand from its own models and growth in third-party deals, including providing batteries for the made-in-Germany Tesla Model Y, Toyota bZ3, Changan UNI-V, Venucia V-Online, as well as several Haval and FAW models.

The top three battery makers (CATL, BYD, LG) collectively account for two-thirds (66%) of total battery deployment.

Once a leader in the EV battery business, Panasonic now holds the fourth position with an 8% market share, down from 9% last year. With its main client, Tesla, now effectively sourcing batteries from multiple suppliers, the Japanese battery maker seems to be losing its competitive edge in the industry.

Overall, the global EV battery market size is projected to grow from $49 billion in 2022 to $98 billion by 2029, according to Fortune Business Insights.

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